Markets show signs of bottoming out
Mumbai: In a day of fluctuating fortunes, as the volatile bourses oscillated between the bears and the bulls, the day on a more confident note. Despite losing 227 points intra-day, the Sensex, bounced back by 268 points from the day's low when it hit a high of 4,552.48. The S&P CNX Nifty opened at 1,383.80, hit a low of 1,311.30 only to close at 1,359.45, losing 28.55 points over its previous close of 1,388.

Fund-based buying in counters of Zee Telefilms and Reliance saw the markets look up, thus resulting in the pull-back. Brokers said the upsurge in volume was on account of sustained purchases by a London-based fund. It is learnt that the promoters of the company also contributed to the enormous volumes.

Market sources are, however, cautiously optimistic that the market would continue on its road to recovery with April 26 being the first day of the settlement on the NSE.

Meanwhile, the Securities and Exchange Board of India (SEBI) on decided to impose an additional five per cent margin for scrip-wise net sale position at the end of the day, with effect from April 26.

Marketmen are divided over the impact of this announcement, which filtered into the market around mid-session. While one section believes that it did stem the selling pressure, the other faction said that it did not.
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